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UPDATE 1-Devon Energy to get nearly $1 bln from asset sales

Published 2016-06-06, 06:44 a/m
© Reuters. UPDATE 1-Devon Energy to get nearly $1 bln from asset sales
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June 6 (Reuters) - U.S. oil and natural gas producer Devon
Energy Corp DVN.N said it would sell assets in Texas for
nearly $1 billion and that it was making progress on the sale of
other assets as part of its plan to improve its finances through
divestitures.
Devon said on Monday it would sell producing assets in east
Texas for $525 million and in Anadarko Basin's Granite Wash area
for $310 million.
The company will also sell its royalty interests in the
northern Midland Basin in the Texas region for $139 million.
With these sales, Devon's proceeds from divestitures of
natural gas-focused assets would total $1.3 billion, Chief
Executive Dave Hager said.
"Proceeds for the entire divestiture program are well on
their way to achieving our previously announced range of $2
billion to $3 billion in 2016," Hager said.
The company said it expected to make an announcement within
the next several weeks on the sale of its 50 percent interest in
Canada's Access Pipeline, which carries heavy oil across
northeastern Alberta.
Devon also said it was making progress toward selling more
Midland basin assets that produced an average of 25,000 barrels
of oil equivalent per day in the first quarter.
Jefferies LLC was Devon's lead financial adviser. RBC
Richardson Barr also gave Devon financial advice, while Vinson &
Elkins LLP provided legal counsel.

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